Reykjavík Grapevine


Reykjavík Grapevine - 21.04.2017, Blaðsíða 14

Reykjavík Grapevine - 21.04.2017, Blaðsíða 14
Don’t Give Up! It Is Possible! Íslandsbanki’s tone-deaf housing loan campaign Words: Paul Fontaine Photo: Íslandsbanki OPINION Last Monday, Iceland- ers woke up to find that the front page of the newspaper Frét- tablaðið was now a full page ad. This was not unusual in itself, but the ad’s purpose ended up kick- ing off a veritable cyclone of rage. The ad was a part of a new cam- paign from Íslandsbanki called “It is possible.” This campaign is aimed at young people—univer- sity students and the newly grad- uated—who are encouraged to take out a housing loan and buy their first apartment. For sure, banks are in the business of get- ting people to take out loans and, as an increasing number of young Icelanders are opting to leave the country, the campaign is under- standable on some levels. But the approach inspired so much rage not just because it was so de- tached from what reality is like for the average young Icelander, but because the campaign itself also undermined its own point. Vísir, the news website sibling of Fréttablaðið, devoted an entire section of their site to testimoni- als from young Icelanders who had managed to buy their first apartment. Here are some direct quotes from these testimonials: “Heiðar Austmann bought his f irst apar tm ent at the age of 23 with help f rom his father.” “He moved home to his mom, put money aside, sold unnecessary stuff, worked two to three jobs, and saved to buy his first home.” “By saving severely, working hard, and assistance from family members, they were able to buy their first apartment.” “Jóra’s parents were moving out of their home in Grindavík, and so they decided to make the apartment ready for Jóra and Arnar to move in.” And so forth. As such, the campaign could have more accurately been called “It is possible if your family gives you money or literally hands over an apartment somewhere in the countryside.” Íslandsbanki was effectively not saying that it is pos- sible for the newly graduated—al- most all of them earning working- class wages and with student loans already to pay off—to buy an apart- ment on their income alone; the bank was confirming what Iceland- ers already know: you simply can’t buy an apartment without outside help or sheer luck on your side. The fact is, a recent financial as- sessment from Arion Bank recent- ly concluded that even the rental market is severely constricted right now. Anywhere from 50% to 75% of available housing in Reykjavík is currently swallowed up by Airb- nb. The average rent in the capital area has climbed by 11.5% in just the past 12 months alone. In short, renting in the greater Reykjavík area is already difficult, and only becoming more so. Buying real estate is, for most young Iceland- ers, completely out of the question. While Icelanders raged about this campaign across social media, others have argued that technically speaking, it is possible to buy your first apartment. And they’re right. Technically speaking, it is pos- sible to buy your first apartment. Just as, technically speaking, it’s possible to train to be an astro- naut. This doesn’t mean it’s going to be a reality for most, or even many, of Iceland’s young people. 14 The Reykjavík Grapevine Issue 06 — 2017 Even when the on-screen graphics came perilously close to his eyes, young Marteinn never gave up. Words: Paul Fontaine Share this article: gpv.is/tc06 TIME CAPSULE Hótel Holt, built in 1965, has changed little over the decades. You can feel it the moment you walk into the lobby, with its low- slung ceilings, warm polished wood walls and tiled floors. But if you want to get real retro, you need to go to the back-room bar. The first thing you will notice is the plush burgundy carpet- ing, which feels like walking on Tony Bennett’s voice. The walls are positively covered with quick- sketch portraits from famed Ice- landic artist Kjarval. Many of these sketches, drawn on pack- ing paper back when Kjarval was a young unknown, were donated by the artist to the hotel’s origi- nal owner. The chairs are leather with suede sides. In fact, the only indication that you aren’t in 1965 are the JPL speakers tucked dis- creetly into the corners of the ceil- ing, and the wifi router hidden under one of the tables. This is not a bar to go to do shots of Ópal and pound pints of Víking. This is where you go to sip a Tom Col- lins and discuss postmodernism. In a city where the bars increas- ingly focus on volume of sales over quality of atmosphere, the bar at Hótel Holt is more than a time capsule; it’s an oasis of class in a sea of green cans. Hótel Holt’s Bar 1965 is alive and well under the watchful eye of Kjarval’s drawings Not the kind of place for rounds of shots R E S T A U R A N T & B A R
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